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Futures Drift Higher After BOJ Reversal, Await PPI And Retail Sales

Futures Drift Higher After BOJ Reversal, Await PPI And Retail Sales

US stock-index futures were muted on Wednesday, swinging between gains…



Futures Drift Higher After BOJ Reversal, Await PPI And Retail Sales

US stock-index futures were muted on Wednesday, swinging between gains and losses, as investors initially welcomes a dovish announcement by the BOJ which refrained from further expanding its yield curve control band, then turned to corporate earnings for more clues on the health of corporate America amid growing prospects for a recession. Nasdaq 100 and the S&P 500 futures were up 0.2% as of 7:15 a.m. in New York. Treasury and JGB yields tumbled after the BOJ kept monetary settings unchanged, while the yen first slid against the dollar but then recovered all losses amid expectations the BOJ has only bought a few weeks of time. WTI crude added 1.7% this morning and has been holding above $80 amid optimism around China reopening demand. Dollar is weaker; DXY at 102 helping gold trade back over $1900.

Among notable movers in premarket trading, Moderna Inc. climbed 6.7% after saying its vaccine against respiratory syncytial virus infections met targets. IBM dropped 1.9% after Morgan Stanley cut the stock to equal-weight from overweight, saying that it is transitioning out of more defensive IT hardware name. Bank stocks are mixed as investors await the release of key economic data, including the Beige Book and retail sales. Coinbase said it’s halting operations in Japan. Meanwhile, Bank of Montreal has received approval from the Federal Reserve to acquire San Francisco-based Bank of the West. Here are the other notable premarket movers:

  • United Airlines (UAL US) rises 2.6%, boosting carrier peers, after the airline operator’s guidance for the first quarter and 2023 beat analyst estimates. Brokers pointing to strong growth in sales, assuaging any worries over demand taking a hit from an economic slowdown. American Airlines +1.4%, Delta Air +1%
  • GoDaddy (GDDY US) gains 3% after the website domain company was upgraded to outperform from inline at Evercore ISI, with the broker highlighting the firm’s relatively recession- resistant business model and new-product cycle.
  • International Business Machines (IBM US) drops 1.9% after Morgan Stanley cut the stock to equal-weight from overweight, saying that it is transitioning out of more defensive IT hardware names.
  • Skechers (SKX US) slides 2.1% after Morgan Stanley downgraded it to equal-weight on valuation, risk of FY23 guidance missing expectations and as the market shifts to early-cycle names. The broker raised Gap (GPS US) to equal-weight and anticipates a 2023 of two halves for US specialty retail and department stores.
  • SmileDirectClub (SDC US) jumps 13% after the maker of dental aligners projected a narrower Ebitda loss for 2023 and said that it planned to rejig its global workforce and introduce additional cost savings. Jefferies, however, remains cautious on the stock, saying that the company saw a “weak” finish to a tough year.
  • Oatly (OTLY US) gains 6.3% after Mizuho Securities upgrades its rating on the oat drink company to buy from hold, with long-term growth seen still intact.

While US stocks have gained in the new year as cooling inflation spurred bets of a softening in the Federal Reserve’s policy, they’ve dramatically underperformed international peers as investors worry that the combination of rising interest rates and slowing consumer demand could trigger an economic contraction. A weaker dollar and optimism around a China reopening have lured investors to non-US stocks. Goldman Sachs strategists said US equity funds have seen outflows in the first two weeks of the year, while Europe has seen inflows — both major trend reversals from 2022. UK inflation as well as a more muted start to the US earnings-reporting season boosted those who believe monetary easing would have to begin this year.

The yen dropped as much as 2.6% against the dollar after Japan’s policymakers doubled down on defending their stimulus, defying intense market speculation. The currency later trimmed the losses to 0.7%. Even as investors remain on guard for the central bank to continue large scale bond buying to protect its yield goal, there are doubts about how long it can continue. The yen’s drop proved to be an idiosyncratic trend in the foreign-exchange markets as the dollar fell against all but five of its 31 major peers including the Japanese currency.

Meanwhile, Analysts expect fourth-quarter earnings to show a drop of 2.7%, the first year-over-year decline since 2020, according to data from Bloomberg Intelligence. “Given the difficult backdrop, there’s fear among some parts of the market that US earnings forecasts might still be too high for 2023 and that stocks might not be able to sustain their current strength,” said Russ Mould, investment director at AJ Bell. He added that reports from the likes of Procter & Gamble Co., Schlumberger Ltd., Microsoft Corp. and Tesla Inc. “will certainly be ones to watch as their fortunes could have a major influence on market sentiment.”

European equity markets are mixed after the BOJ sent the yen spiraling lower by leaving its policy settings unchanged. The Stoxx 600 is up 0.1% with gains in the CAC and FTSE 100 while the DAX trades lower; today's move brought the total Stoxx 600 gains since a Sept. 29 low to more than 19%. If the index closes at 20% or higher, it will join other regional peers in confirming a technical bull market. Tech, travel and miners are the best performing sectors while chemicals and real estate fall.  Here are the notable European movers:

  • Richemont shares gain as much as 2.8% in Europe despite the Cartier owner posting worse-than-expected 3Q sales as investors take the view that disruptions in China caused by a surge in Covid infections may prove temporary.
  • Just Eat jumps as much as 16% after 4Q Ebitda beat estimates as the food delivery firm said it remains focused on improving profitability. Peers Deliveroo and Delivery Hero rose as much as +5.5% and 6.3% respectively
  • ASM International shares rise as much as 8.7% after 4Q update shows a strong beat on sales that is likely to boost sentiment on the semiconductor-equipment maker, analysts say. ASML shares rise as much as 2.1% in sympathy.
  • Capgemini shares rise as much as 3.5%, hitting highest in just over a month, after Barclays upgrades the IT services firm to overweight on greater resilience in its business mix and on utilization.
  • EQT shares drop as much as 8.4%, the most in more than three months, after the investment firm delivered results which analysts say missed on adjusted Ebitda.
  • Continental shares fall as much as 5% after the German car-parts and tiremaker said late Tuesday that it expects FY22 adjusted free cash flow of €200m, below its outlook range of €600m to €800m.
  • Encavis shares fall as much as 5.3% after Barclays analyst cut the recommendation to underweight from equalweight, Orsted also downgraded. Barclays notes that growth pipeline valuations for the two energy companies have moved significantly above vertically integrated peers.
  • Wise shares drop as much as 5%, extending yesterday’s double-digit losses, after the UK money- transfer firm’s growth slowed and missed analyst expectations.

Earlier in the session Asian stocks edged higher as Japanese shares advanced after the Bank of Japan announced no change to its yield curve control policy, countering broader caution ahead of the Lunar New Year holidays. The MSCI Asia Pacific Index erased an earlier loss of as much as 0.7% to rise 0.5%, lifted by communication services and health care shares. Japanese equities jumped as the yen fell after the BOJ kept policy on hold, pushing back against intense market speculation of policy change by ramping up the defense of its stimulus framework.

“What has been happening so far is a fairly easy pattern to understand,” said Makoto Furukawa, chief portfolio strategist at Mitsubishi UFJ Morgan Stanley Securities. “I think the pattern of bank stocks rising and exchange-rate-sensitive stocks being hit will continue. Expectations for further revisions to the BOJ’s policy will emerge.” South Korea was among the biggest losers on Thursday, dragged by a loss in Samsung Electronics. Chinese benchmarks were mixed in thin volumes before market closures next week. The MSCI Asian stock benchmark has gained more than 20% from an October low to enter a bull market, outperforming US and European peers. Japanese stocks have underperformed, with the Nikkei down almost 1% in the same span, hurt in part by the BOJ’s December move to widen a band on bond yields.

Australian stocks edged higher: the S&P/ASX 200 index rose to close at 7,393.40, as healthcare and technology shares buoyed the benchmark. In New Zealand, the S&P/NZX 50 index rose 0.3% to 11,920.41. The nation’s home sales fell 39% y/y in December, according to the Real Estate Institute of New Zealand.

The Bloomberg Dollar Index is down 0.3%, swinging to a loss in European trading as the greenback weakened against all of its Group-of-10 peers apart from the yen; the JPY traded well off its worst levels. EUR gained after ECB’s Villeroy said he was surprised by the sources story suggesting they are considering smaller hikes beyond February. GBP rose after data showed UK core CPI was slightly stronger than expected in December.  Some more details:

  • The yen slumped as much as as 2.6% against the dollar, hitting 131.58, and Japan’s bond yields fell by up to 11bps after the BOJ pushed back against intense market speculation of policy change by ramping up the defense of its stimulus framework. Risk reversals in the front-end rallied in the run-up to the BOJ decision in favor of greenback calls, suggesting that the market was positioning for a no-change decision by the central bank. The move for risk reversals suggests that investors are still looking for bullish yen expressions over the medium-term, and especially after Kuroda’s term ends in April
  • The Swiss franc extended its advance against to 0.9131 per dollar, the strongest level in a year
  • The euro extended an advance against the dollar and bunds reversed opening gains after ECB official Francois Villeroy de Galhau said that guidance from ECB President Christine Lagarde that borrowing costs will continue to be lifted in half-point steps for some time still holds. One trader has placed a large bet using options on German 5-year futures, targeting the yield to rise above 2.40% for maximum profit, up from about 2.13% currently
  • The pound rose against the dollar and traders added to wagers on the BOE’s hiking cycle after UK inflation figures showed month-on-month and core readings came in higher than anticipated in December

In rates, Treasuries and JGBs spiked higher overnight after the Bank of Japan kept monetary settings unchanged with no nod to any concession on current policy; 10-year TSY yields fell as much as 8.3bp to 3.465% and were trading at 3.47% last. Gains have been broadly maintained into early US session, with 10-year note futures trading near day’s high. Heavy US economic data slate includes PPI and retail sales, and Treasury auctions 20-year bonds. UK and German government bonds pared earlier advances to trade in the red as Treasury yields were richer by 3bp to 7bp across the curve with gains led by intermediates, flattening 2s10s spread by 4bp on the day; 10-year yields trade around 3.48% with bunds and gilts underperforming by 4bp and 7bp in the sector. Most gains in Treasuries were made during aggressive rally in JGBs after Bank of Japan policy announcement, which left benchmark JGB 10-year richer by around 8bp on the day. US Treasury auctions resume with $12b 20-year bond reopening at 1pm.

In commodities, crude futures rose with WTI adding 1.7% to trade near $81.50. Spot gold rises roughly $4 to trade near $1,913/oz

To the day ahead now, and data releases from the US include December’s PPI, retail sales and industrial production, whilst from the UK we’ll also get the December CPI release. From central banks, we’ll hear from the ECB’s Villeroy, and the Fed’s Bostic, Harker and Logan. Lastly, the Fed will also be releasing their Beige Book.

Market Snapshot

  • S&P 500 futures little changed at 4,012.00
  • MXAP up 0.5% to 166.79
  • MXAPJ up 0.3% to 546.45
  • Nikkei up 2.5% to 26,791.12
  • Topix up 1.7% to 1,934.93
  • Hang Seng Index up 0.5% to 21,678.00
  • Shanghai Composite little changed at 3,224.41
  • Sensex up 0.6% to 61,049.16
  • Australia S&P/ASX 200 little changed at 7,393.36
  • Kospi down 0.5% to 2,368.32
  • STOXX Europe 600 up 0.1% to 457.14
  • German 10Y yield little changed at 2.10%
  • Euro up 0.6% to $1.0855
  • Brent Futures up 1.1% to $86.89/bbl
  • Gold spot up 0.3% to $1,913.84
  • U.S. Dollar Index down 0.39% to 101.99

Top Overnight News from Bloomberg

  • ECB policymakers are starting to consider a slower pace of interest-rate hikes than President Christine Lagarde indicated in December, according to officials with knowledge of their discussions
  • The BOJ standing pat caught some traders by surprise, but is unlikely to douse speculation that it will normalize policy as inflation in Japan accelerates and Governor Haruhiko Kuroda nears the end of his term
  • China’s top economic official told an audience of international billionaires and bankers that his country’s economy will likely rebound to its pre-pandemic growth trend this year after coronavirus infections passed their peak

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were positive albeit with price action mostly kept rangebound after the weak lead from Wall Street, while focus overnight centred on the BoJ policy announcement in which the central bank defied the increased speculation for a policy tweak. ASX 200 was flat with strength in the tech and consumer sectors offset by losses in commodity-related stocks. Nikkei 225 was boosted after the BoJ stuck with its ultra-easy policy settings and reaffirmed its dovish guidance. Hang Seng and Shanghai Comp were choppy but with strength in key tech names after China approved licences for 88 new games including titles from Tencent and NetEase in a further sign of an end to its tech crackdown.

Top Asian News

  • PBoC injected CNY 133bln via 7-day reverse repos with the rate kept at 2.00% and injects CNY 447bln via 14-day reverse repos with the rate kept at 2.15% for a CNY 515bln net injection.
  • China's NDRC's said the economic development situation this year is still complicated, external environment is turbulent and pressure is still large, but it is confident and capable of promoting the continuous recovery and overall improvement of China's economy, according to Reuters.
  • Hong Kong is expected to end its COVID mask mandate by March or April, according to sources cited by Ming Pao News.

European bourses are contained overall, Euro Stoxx 50 +0.1%, as the dovish BoJ fails to provide impetus. US futures are similarly steady ahead of earnings, data and Fed speak, ES +0.1%. Within Europe, sectors are mixed with marked outperformance in Tech after updates from Just Eat and ASM International.

Top European News

  • ECB's Villeroy reaffirms that a European recession should be avoided in 2023, will bring inflation back to target around 2024/2025. Lagarde's 50bp guidance remains valid. Will remain at the terminal rate for as long as is necessary; will go to the terminal by summer, not there yet.
  • UK Chancellor Hunt is reportedly planning a "slimmed down" spring budget which will not feature tax cuts within the statement, via The Guardian citing sources which add that there will be tax cuts before the next election, with the autumn statement the most likely point to announce such a change.
  • Germany is reportedly to narrowly avoid a 2023 recession, with price-adj. growth of 0.2%, via Reuters citing source/draft of the economic report; Inflation: 2023 6.0%, 2024 2.8%.
  • Magnitude 7.0 earthquake strikes off Sulawesi, Indonesia; Tsunami waves are possible for coasts located within 300km of Indonesia's quake epicentre, Pacific Tsunami Centre says.
  • Ukraine Latest: Helicopter Crash Kills 18 People Near Kyiv
  • Sweden Boosts Capacity to Send Power South to Ease Supply Crunch
  • French Power Crunch This Winter Now Less Likely, Grid Says
  • Women Are Macron’s Biggest Critics on Pension Reform
  • BASF Drops After €7.3 Billion Russia Writedown Sparks Loss


  • BoJ kept its policy settings unchanged with rates at -0.10% and YCC maintained to target 10yr JGBs at 0% via unanimous vote, while it kept the yield band and yield target unchanged. BoJ stuck with its forward guidance on interest rates and guidance that it will continue large-scale JGB buying and make nimble responses for each maturity, while it reiterated that it will not hesitate to take additional easing measures as necessary. Furthermore, the BoJ extended the fund operation to support financial lending by one year and the Outlook Report contained cuts to Real GDP growth forecasts and mostly upward revisions to Core CPI estimates, although fiscal 2023 and fiscal 2024 Core CPI forecasts remained below the 2% price goal.
  • BoJ Governor Kuroda (post-meeting press conference) says he is not expecting 10yr JGB yields to continue trading with yields above 0.5%, and there is no need to further expand its bond target band; today's decision is not a change in BoJ's monetary policy. It is still early days since the adjustment to yield bands made in December, BoJ needs more time to assess impact on market functions. YCC is fully sustainable, widening band has made YCC more sustainable. Important for FX rates to move stably, reflecting fundamentals; he has no specific comments on FX levels, noting that currency policy is the jurisdiction of the government.


  • Yen yields gains made on the premise of further BoJ YCT adjustment as the Bank holds fire.
  • USD/JPY jumps to 131.57 from the low 128.00 area at one stage, DXY rebounds accordingly to 102.900 before sharp reversal on the back of strength elsewhere in the index.
  • Sterling extends on UK pay gains as services and core inflation top consensus, Cable breaches 1.2300 on the way to 1.2360+ peak.
  • Euro eyes resistance in the high 1.0800 zone as the Dollar recoils and Kiwi approaches 0.6500 and Aussie takes firmer hold of 0.7000 handle
  • PBoC set USD/CNY mid-point at 6.7602 vs exp. 6.7644 (prev. 6.7222)

Fixed Income

  • Core benchmarks have picked off the European morning's lows to near unchanged levels, but remain shy of overnight BoJ-inspired peaks.
  • The overnight BoJ derived upside seemingly fizzled out amid ECB's Villeroy dismissing the dovish source reports and hot UK core CPI.
  • Stateside, USTs are holding firmer than their EGB peers ahead of a packed afternoon docket.


  • Crude benchmarks are bid and have broken out of contained overnight ranges following the latest geopolitical rhetoric, lifting the complex to fresh YTD peaks.
  • WTI Feb’23 and Brent Mar’23 are at the top-end of USD 80.55-81.86/bbl and USD 86.13-87.43/bbl parameters, ranges that mark fresh YTD peaks for the complex, though, the benchmarks remain well within late-2022 extremes.
  • China's NDRC warned iron ore trading companies and iron ore futures companies against price gouging and speculation, while it will step up supervision on iron ore's spot and futures markets, according to Reuters.
  • IEA Oil Market Report: Demand set to increase by 1.9mln BPD to a record of 101.7mln BPD.
  • Spot gold is essentially unchanged and unable to derive much support from the Dollar’s weakness as the overall tone remains a tentative one post-BoJ.
  • Copper prices are bid this morning in the wake of disruption to Glencore’s Antapaccay copper mine in Peru, which is operating at restricted capacity amid anti-government protests, according to Reuters sources.


  • US reportedly sends Ukraine US arms which were stored in Israel, according to NYT.
  • Russian Foreign Minister Lavrov says discussions with Ukraine President Zelenskiy are not possible; ready to respond to Western proposals on Ukraine but have not seen any serious proposals; adds, that they will have to take corresponding military measures if Finland/Sweden were to join NATO.
  • Ukrainian Minister of Internal Affairs has died in a helicopter crash near Kyiv, according to local journalists.
  • Serbian President Vucic says Crimea is Ukraine, and the EU path is the only one for Serbia.

US Event Calendar

  • 07:00: Jan. MBA Mortgage Applications 27.9%, prior 1.2%
  • 08:30: Dec. Retail Sales Ex Auto and Gas, est. 0%, prior -0.2%
  • 08:30: Dec. PPI Final Demand MoM, est. -0.1%, prior 0.3%; YoY, est. 6.8%, prior 7.4%
    • PPI Ex Food and Energy MoM, est. 0.1%, prior 0.4%; YoY, est. 5.6%, prior 6.2%
  • 08:30: Dec. Retail Sales Advance MoM, est. -0.9%, prior -0.6%
    • Retail Sales Ex Auto MoM, est. -0.5%, prior -0.2%
    • Retail Sales Control Group, est. -0.3%, prior -0.2%
  • 09:15: Dec. Industrial Production MoM, est. -0.1%, prior -0.2%
  • 09:15: Dec. Capacity Utilization, est. 79.5%, prior 79.7%
  • 09:15: Dec. Manufacturing (SIC) Production, est. -0.2%, prior -0.6%
  • 10:00: Nov. Business Inventories, est. 0.4%, prior 0.3%
  • 10:00: Jan. NAHB Housing Market Index, est. 31, prior 31
  • 14:00: Federal Reserve Releases Beige Book
  • 16:00: Nov. Total Net TIC Flows, prior $179.9b

Central Bank speakers

  • 09:00: Fed’s Bostic Makes Welcoming Remarks at Academic Conference
  • 14:00: Fed’s Harker Discusses the Economic Outlook
  • 14:00: Federal Reserve Releases Beige Book
  • 17:00: Fed’s Logan Gives Speech in Austin

DB's Jim Reid concludes the overnight wrap

The big news overnight is that there is no big news overnight as the BoJ met economists expectation that they wouldn’t change anything on YCC today despite increasing market expectation that they would. The policy does seems unsustainable if current conditions persist though as since the last meeting on December 20th, they've spent $265bn (a whopping 6% of annual GDP!) buying bonds. Indeed, as George Saravelos pointed out yesterday there are some reports suggesting the BoJ may own more than 100% of some benchmark 10yr bonds. So not only has it bought the entire stock, but it has lent it out to short-sellers who have sold it back to the BoJ. Before the meeting our Japanese economists suggested that he does expect the BoJ to abandon YCC by the end of Q2 this year, but more around forces such as the “shunto” spring wage negotiations, a positive output gap and leadership changes at the bank.

It is clear from the market reaction that although economists expected no change the market was set up for one as the Yen has slumped -2.54% against the dollar, marking its biggest one-day drop since March 2020, trading at $131.42 as I type. Given this, the Nikkei (+2.45%) is leading gains across the region. Meanwhile, yields on 10yr Government Bonds tumbled well below policy cap, declining around -10bps, to trade at 0.40% following the central bank’s decision (they did dip to 0.36% immediately after). US 10yr Treasuries are -6bps lower on the back of the news.

The BOJ did enhance its YCC by expanding its fund-supply market operations by offering funds of up to 10 years against pooled collateral to financial institutions for both fixed- and variable-rate loans. This is hoped to ease pressure on the swaps market and help market function. We will see. The press conference is to come after we go to press, so we'll see if that changes anything.

In the rest of Asia, equity markets are lower with the KOSPI (-0.69%) being the biggest underperformer followed by Chinese equities with the CSI (-0.22%) and the Hang Seng (-0.11%) both down whilst the Shanghai Composite (-0.03%) is just below flat. In overnight trading, US stock futures are edging higher with contracts on the S&P 500 (+0.12%) and NADAQ 100 (+0.17%) climbing after a weaker start.

Central banks were also driving markets yesterday ahead of the BoJ, with a strong European rally after Bloomberg reported that the ECB might go for a smaller 25bps hike in March following another 50bps move in February. Obviously this is just a report, but if true it would be significant, as it would be a slower pace than President Lagarde implied at the last meeting in December. Indeed, she said that “we should expect to raise interest rates at a 50 basis-point pace for a period of time”, so it would imply that this “period of time” could actually just be one meeting.

The article only said that 25bps in March was “gaining support”, but there were some massive market moves in response to its release. Investors immediately adjusted their expectations for ECB policy over the coming months, with the rate priced in by the June meeting down -9.3bps on the day. That led to a significant rally in sovereign bonds too, with yields on 10yr German bunds down -8.4bps, having fallen from 2.14% just before the report came out to an intraday low of 2.06% immediately after. That was echoed across the continent, with yields on 10yr OATs (-10.1bps) and BTPs (-12.6bps) falling by even larger margins, and it left the spread of 10yr Italian yields over bunds at just 180bps, their tightest level since April.

This buoyancy was seen amongst European equities as well, which continued their run as one of the top-performing assets of 2023. The STOXX 600 (+0.40%) and the DAX (+0.35%) both surged following the Bloomberg report, which brings their YTD gains to +7.43% and +9.07%, respectively. And for the DAX those gains mean the index is now at its highest level since mid-February, just before Russia’s invasion of Ukraine began. Another factor helping to boost sentiment in Europe was the release of the latest ZEW survey from Germany. That saw a massive upside surprise in the expectations component for January, which came in at an 11-month high of 16.9 (vs. -15.0 expected), thus adding to the growing body of evidence on the brightening outlook in Europe.

Over in the US, the picture wasn’t quite as rosy as investors came back from holiday. Indeed, the S&P 500 (-0.20%) ended a run of 4 consecutive gains after weak earnings releases dampened risk appetite, with Goldman Sachs (-6.44%) as the second-worst performer in the entire S&P 500 after their earnings missed expectations. On the other hand, fellow major US bank Morgan Stanley (+5.91%) was the second-best performing S&P 500 member as the company beat expectations and pushed a rosier guidance than its peers. The best performer was Tesla (7.43%) which continues to have a rollercoaster time of it. Around this we also had the latest Empire State manufacturing survey for January, which fell to a new low for this cycle at -32.9 (vs. -8.6 expected). And apart from April and May 2020 at the height of the pandemic, that’s now the lowest reading for the survey since Q1 2009.

For US Treasuries there was also a relative underperformance with Europe, with the 10yr yield up +4.4bps to 3.547%. This has reversed overnight on the BoJ news mentioned at the top. The Fed’s next meeting just two weeks from now we start to come firmly into view now, where investors are placing a very high weight on a downshift in the pace of rate hikes to 25bps. It also comes as further posturing takes place ahead of US debt ceiling negotiations. Yesterday, House Speaker McCarthy called on Senate Democrats and the White House to discuss conditions on raising the debt ceiling such as changes to major entitlement programs and discretionary spending, while White House Press Secretary Jean-Pierre remained adamant that the Biden Administration would not be negotiating over the debt ceiling. Treasury Secretary Yellen told lawmakers late last week that the government would need to start using “extraordinary measures” by the end of this week in order to avoid running out of cash.

Elsewhere, UK gilts lagged slightly behind the rest of Europe with the 10yr yield “only” down -6.0bps. That followed UK labour market data that showed nominal wage running at +6.4% over the three months ending-November (vs. +6.2% expected). In turn, that led investors to raise the prospects of another 50bps hike from the BoE in February, with the hike priced in up +1.8bps on the day to 44.6bps.

In other news, oil prices continued their steady advance over recent days, with Brent crude (+1.73%) nearly closing above $86/bbl for the first time this year. That uptick in energy prices was seen more broadly as well, with European natural gas futures (+7.71%) coming off their 16-month low to close at €59.35 per megawatt-hour.

Lastly, at Davos yesterday, European Commission President von der Leyen said in a speech that in order “to keep European industry attractive, there is a need to be competitive with offers and incentives that are currently available outside the European Union”. That follows EU criticism of the recent Inflation Reduction Act in the US, which they consider to unfairly subsidise US firms. Our own European economists put out a note yesterday on the issue (link here) where they write the US legislation is probably more of an additional competitiveness shock to the EU, which could reinforce the energy crisis and the fear that high energy costs could linger for years. They also look at how the US policies might negatively impact the EU over different time horizons.

To the day ahead now, and data releases from the US include December’s PPI, retail sales and industrial production, whilst from the UK we’ll also get the December CPI release. From central banks, we’ll hear from the ECB’s Villeroy, and the Fed’s Bostic, Harker and Logan. Lastly, the Fed will also be releasing their Beige Book.

Tyler Durden Wed, 01/18/2023 - 08:03

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Gaslighting: The American People Are Trapped In A Textbook Abusive Relationship

Gaslighting: The American People Are Trapped In A Textbook Abusive Relationship

Authored by Daisy Luther via The Organic Prepper blog,




Gaslighting: The American People Are Trapped In A Textbook Abusive Relationship

Authored by Daisy Luther via The Organic Prepper blog,

Imagine this.

A woman, for the sake of my story, is in a marriage with a partner who does not respect her. He insults her regularly, belittles her efforts to improve herself or her situation, and minimizes her feelings.

In fact, when she tries to stand up for herself, things get even worse. The partner calls into question her memories of the event. He dismisses the way things made her feel, calling the emotions “ridiculous” or “stupid.” He convinces her she’s overreacting and that he was only trying to do what was best for her. When she brings something up, he completely rewrites the event, causing her to doubt what actually happened because she’s in a vulnerable state due to the constant abuse.

In a situation like this, the abused partner often feels powerless, confused, and unable to leave the situation. They are at a disadvantage because they’ve been influenced to doubt their own reality. This leaves them trapped deeper and deeper in the abusive scenario. They feel unable to escape because they’re really not sure what actually happened. Were they blowing things out of proportion? Are they, in fact, stupid, forgetful, and inept?

Abusive relationships follow a pattern. There’s a period of breaking the victim down, isolating them from their support systems, and making them dependent on the abuser. Then, the abused partner is maneuvered into the belief that she can’t get by on her own.

This master manipulation is how people become trapped in abusive relationships.

And, as I’m about to show, not all abusive relationships are one-on-one romantic relationships.

What is gaslighting?

Medical News Today defines gaslighting.

Gaslighting is a form of psychological abuse in which a person or group causes someone to question their own sanity, memories, or perception of reality. People who experience gaslighting may feel confused, anxious, or as though they cannot trust themselves.

The term “gaslighting” comes from the 1944 classic film (and before that, the play), Gaslight. In the story, a husband tries to make his wife believe she is suffering from a mental illness. Starring Ingrid Bergman and Charles Boyer, it’s well worth a watch.

Gaslighting is a form of narcissistic abuse. For a quick refresher on the definition of a narcissist and the techniques they use, go here.

Forbes offers the following signs you are being gaslit:

Signs to watch for include:

The “Twilight Zone” effect. Victims of gaslighting often report feeling like a situation is surreal—like it’s happening on a different plane from the rest of their life.

Language describing you or your behavior as crazy, irrational or overemotional. “When I asked women about their partners’ abusive tactics, they often described being called a ‘crazy bitch,’” Sweet writes in “The Sociology of Gaslighting” in American Sociological Review. “This phrase came up so frequently, I began to think of it as the literal discourse of gaslighting.”

Being told you’re exaggerating.

Feeling confused and powerless after leaving an interaction.

Isolation. Many gaslighters make efforts to isolate victims from friends, family and other support networks.

Tone policing. A gaslighter may criticize your tone of voice if you challenge them on something. This is a tactic used to flip the script and make you feel that you’re the one to blame, rather than your abuser.

A cycle of warm-cold behavior. To throw a victim off balance, a gaslighter may alternate between verbal abuse and praise, often even in the same conversation.

Gaslighting is a deliberate attempt to provoke self-doubt, confusion, and dependence.

How does someone gaslight another person?

Again, let’s look to the experts. Medical News Today provides these examples of how gaslighting might take place:

  • Countering: This is when someone questions a person’s memory. They may say things such as, “Are you sure about that? You have a bad memory,” or “I think you are forgetting what really happened.”
  • Withholding: This involves someone pretending they do not understand the conversation, or refusing to listen, to make a person doubt themselves. For example, they might say, “Now you are just confusing me,” or “I do not know what you are talking about.”
  • Trivializing: This occurs when a person belittles or disregards how someone else feels. They may accuse them of being “too sensitive” or overreacting in response to valid and reasonable concerns.
  • Denial: Denial involves a person refusing to take responsibility for their actions. They may do this by pretending to forget what happened, saying they did not do it, or blaming their behavior on someone else.
  • Diverting: With this technique, a person changes the focus of a discussion by questioning the other person’s credibility. For example, they might say, “That is just nonsense you read on the internet. It is not real.”
  • Stereotyping: An article in the American Sociological Review says that a person may intentionally use negative stereotypes about someone’s gender, race, ethnicity, sexuality, nationality, or age to gaslight them. For example, they may say that no one will believe a woman if she reports abuse.

After a period of time, this emotional barrage results in the target of the gaslighting suffering from confusion, doubt, and self-blame.

  • feeling uncertain of their perceptions
  • frequently questioning if they are remembering things correctly
  • believing they are irrational or “crazy”
  • feeling incompetent, unconfident, or worthless
  • constantly apologizing to the abusive person
  • defending the abusive person’s behavior to others
  • becoming withdrawn or isolated from others

The Forbes article offered these specific examples of gaslighting in romantic relationships.

“Ebony’s partner would steal her money and then tell her she was ‘careless’ about finances and had lost it herself.”

“Adriana’s boyfriend hid her phone and then told her she had lost it, in a dual effort to confuse her and prevent her from communicating with others.”

“Jenn described her ex-boyfriend as a ‘chameleon’ who made up small stories to confuse her, like lying about what color shirt he had worn the day before to make her feel disoriented.”

“Emily described her ex-husband stealing her keys so she could not leave the house and then insisting she had lost them ‘again.’”

But if you think this phenomenon is limited to women being abused by their husbands or boyfriends, you’d be wrong.

Gaslighting doesn’t just happen in romantic relationships.

Gaslighting is a complicated thing. While it’s common in abusive romantic relationships, it can also occur in unhealthy parent-child relationships, sibling relationships, or even workplaces. But that’s not all. It can also occur on a much broader scale.

Racial gaslighting

According to an article in Politics, Group, and Identities, racial gaslighting is when people apply gaslighting techniques to an entire racial or ethnic group in order to discredit them. For example, a person or institution may say that an activist campaigning for change is irrational or “crazy.”

Political gaslighting

Political gaslighting occurs when a political group or figure lies or manipulates information to control people, according to an article in the Buffalo Law Review.

For example, the person or political party may downplay things their administration has done, discredit their opponents, imply that critics are mentally unstable, or use controversy to deflect attention away from their mistakes.

Institutional gaslighting

Institutional gaslighting occurs within a company, organization, or institution, such as a hospital. For example, they may portray whistleblowers who report problems as irrational or incompetent, or deceive employees about their rights.

This often occurs to cover up a mistake that could result in the person who erred facing punitive consequences or to keep people “in their place.” It’s a control mechanism, pure and simple.

Have we been gaslit by our own government?

I don’t think it’s farfetched to say that we, the people of the United States of America, have been gaslit.

Does this sound familiar? Lockdowns that keep you away from friends and loved ones? Losing your income and becoming dependent on handouts doled out by the government? Being censored and mocked when you say anything that is not in line with the official narrative? Being treated like a crazy conspiracy theorist who should be punished because of the harm you’re causing to others if you refuse to go along?

When you look at it this way, it feels like the entire US government and media have colluded to abuse the people. Many of the Covid-related “truths” that were promoted by the government and the media that we were not allowed to dispute have now been proven to be false. Stories we couldn’t question about the origins of the pandemic have been proven false. In another incident of broad-scale gaslighting unrelated to the pandemic, a lot of evidence has been produced that shows the Biden family may have received money from influence-peddling, but the media tells us not to believe it.

And like good little victims, it seems like a hefty portion of the country is refusing to believe the evidence, instead believing in the good intentions of their abusers. They’ve been gaslit, brainwashed, and are unable to break free of the manipulation.

And it’s still going on.

Recently Supreme Court Justice Neil Gorsuch wrote a scathing opinion of the US government’s handling of the Covid pandemic, saying that we “have experienced the greatest intrusions on civil liberties in the peacetime history of this country.”

“Executive officials across the country issued emergency decrees on a breathtaking scale. Governors and local leaders imposed lockdown orders forcing people to remain in their homes. They shuttered businesses and schools, public and private. They closed churches even as they allowed casinos and other favored businesses to carry on. They threatened violators not just with civil penalties but with criminal sanctions too. They surveilled church parking lots, recorded license plates, and issued notices warning that attendance at even outdoor services satisfying all state social-distancing and hygiene requirements could amount to criminal conduct. They divided cities and neighborhoods into color-coded zones, forced individuals to fight for their freedoms in court on emergency timetables, and then changed their color-coded schemes when defeat in court seemed imminent,” he said.

At the federal level, he highlighted not only immigration decrees but vaccine mandates, the regulation of landlord-tenant relations and pressure on social media companies to suppress “misinformation.”

The gaslighting blowback was immediate, with breathlessly outraged headlines.

Slate eloquently opined, “Neil Gorsuch’s List of “Civil Liberties Intrusions” Is, Uh, Missing a Few Things.” making sure to throw plenty of insulting talking points into their introductory paragraph in their attempt to liken a Supreme Court Justice who was educated at Harvard Law, Oxford, Georgetown, and Columbia, to an ignorant relative one merely tolerates. And they insinuated he was a racist.

Gorsuch has long railed against such policies, and his opinions have taken on an increasingly shrill tone, like the Fox News–poisoned uncle who hectors you about the plandemic in 3,000-word Facebook comments. The justice’s rant in Arizona v. Mayorkas, however, hits a new low, moving beyond the usual yada-yada grievance parade to issue a thesis statement of sorts…

…As Vox’s Ian Millhiser quickly pointed out, this sweeping claim leaves out two “intrusions on civil liberties” that any person with a basic grasp of history and sanity would surely rank as worse than pandemic policies: slavery and Jim Crow.

An opinion piece published in the NY Times gasped, “Neil Gorsuch Has Given Himself Away,” made it seem as if the Justice was belittling every other civil rights mishap in the history of America while also blithely disregarding the folks who died during the pandemic.

The New Republic condescendingly liberal-splained to the rest of us “What Neil Gorsuch Got Wrong About the Pandemic,” stating that “The justice’s vision of the judiciary’s role in public health may be more dangerous than any Covid-era restriction.”

The site Above The Law literally said Gorsuch was stupid in the piece, “For An Originalist, Gorsuch Is Clearly Slacking On His Definitions And Their Historical Meanings.” The subheading reads, “Is what he said stupid? Yes. But let’s be technical here.”

Law and Crime website also played the race card and did so right in the headline: Neil Gorsuch implies COVID restrictions were worse than slavery and Jim Crow, and the internet noticed.

Let’s look at that definition of political gaslighting again…

For example, the person or political party may downplay things their administration has done, discredit their opponents, imply that critics are mentally unstable, or use controversy to deflect attention away from their mistakes.

Oof. If that textbook case of gaslighting isn’t embarrassing, it should be.  Then again, narcissists are rarely embarrassed.

The gaslighting will escalate.

Another thing about narcissists: they just get angry when they’re called out. They will respond by gaslighting you harder or seeking to “ruin” you. (source) They’ll punish you with a loss of “privileges,” money, material goods, and freedom. We’ve watched it happen again and again in our cancel culture media. Some of us have been unfortunate enough to have personal relationships with narcissists and learned this the hard way.

The only way to end narcissistic abuse and gaslighting is to recognize it and remove yourself from the situation as much as you can. Obviously, when it’s our entire government and society, that becomes complicated. You may be stuck with just recognizing it. But that in itself gives you a certain amount of freedom and personal power. It helps you get off the hamster wheel, and you begin to spot the manipulations more easily.

One thing we can be sure of is that this will escalate as more and more people say, “No, that’s not what happened.” This is something we can expect, and in some small way, maybe we can take comfort in the response. Perhaps we can smile to ourselves because we know those who were trying to manipulate us all are on the defensive.

Tyler Durden Mon, 05/29/2023 - 18:20

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The Great Silence

The Great Silence

Authored by Jeffrey Tucker via,

The kids are two years behind in education. Inflation still rages. White-collar…



The Great Silence

Authored by Jeffrey Tucker via,

The kids are two years behind in education. Inflation still rages. White-collar jobs are disappearing thanks to the reversal of Fed policy. Household finances are a wreck. The medical industry is in upheaval. Trust in government has never been lower.

Major media too is discredited. Young people are dying at levels never seen. Populations are still on the move from lockdown states to where it is less likely. Surveillance is everywhere, and so is political persecution. Public health is in a disastrous state, with substance abuse and obesity all at new records.

Each one of these, and many more besides, are continued fallout from the pandemic response that began in March 2020. And yet here we are 38 months later and we still don’t have honesty or truth about the experience.

Officials have resigned, politicians have tumbled out of office and lifetime civil servants have departed their posts, but they don’t cite the great disaster as the excuse. There is always some other reason.

This is the period of the great silence. We’ve all noticed it. The stories in the press recounting all the above are conventionally scrupulous about naming the pandemic response much less naming the individuals responsible.

Maybe there is a Freudian explanation: things so obviously terrible and in such recent memory are too painful to mentally process, so we just pretend it didn’t happen. Plenty in power like this solution.

Everyone in a position of influence knows the rules. Don’t talk about the lockdowns. Don’t talk about the mask mandates. Don’t talk about the vaccine mandates that proved useless and damaging and led to millions of professional upheavals.

Don’t talk about the economics of it. Don’t talk about collateral damage. When the topic comes up, just say, “We did the best we could with the knowledge we had,” even if that is an obvious lie.

Above all, don’t seek justice.

Where’s the National Commission?

There is this document intended to be the “Warren Commission” of COVID slapped together by the old gangsters who advocated for lockdowns. It is called Lessons from the Covid War: An Investigative Report.

The authors are people like Michael Callahan (Massachusetts General Hospital), Gary Edson (former deputy national security adviser), Richard Hatchett (Coalition for Epidemic Preparedness Innovations), Marc Lipsitch (Harvard University), Carter Mecher (Veterans Affairs), and Rajeev Venkayya (former Gates Foundation and now Aerium Therapeutics).

If you have been following this disaster, you might know at least some of the names. Years before 2020, they were pushing lockdowns as the solution for infectious disease. Some claim credit for having invented pandemic planning. The years 2020–2022 were their experiment.

As it was ongoing, they became media stars, pushing compliance, condemning as disinformation and misinformation anyone who disagreed with them. They were at the heart of the coup d’etat, as engineers or champions of it, that replaced representative democracy with quasi-martial law run by the administrative state.

The first sentence of the report is a complaint:

We were supposed to lay the groundwork for a National COVID Commission. The COVID Crisis Group formed at the beginning of 2021, one year into the pandemic. We thought the U.S. government would soon create or facilitate a commission to study the biggest global crisis so far in the 21st century. It has not.

That is true. There is no National COVID Commission. You know why? Because they could never get away with it, not with legions of experts and passionate citizens who wouldn’t tolerate a coverup.

The public anger is too intense. Lawmakers would be flooded with emails, phone calls and daily expressions of disgust. It would be a disaster. An honest commission would demand answers that the ruling class is not prepared to give. An “official commission” perpetuating a bunch of baloney would be dead on arrival.

This by itself is a huge victory and a tribute to indefatigable critics.

‘We Didn’t Crack Down Hard Enough’

Instead, the “COVID Crisis Group” met with funding from the Rockefeller and Charles Koch foundations and slapped together this report. Despite being celebrated as definitive by The New York Times and The Washington Post, it has mostly had no impact at all.

It is far from obtaining the status of being some kind of canonical assessment. It reads like they were on deadline, fed up, typed lots of words and called it a day.

Of course it is whitewash.

It begins with a bang to denounce the U.S. policy response: “Our institutions did not meet the moment. They did not have adequate practical strategies or capabilities to prevent, to warn, to defend their communities or fight back in a coordinated way, in the United States and globally.”

Mistakes were made, as they say.

Of course the upshot of this kvetching is not to criticize what Justice Neil Gorsuch calls “the greatest intrusions on civil liberties in the peacetime history of this country.” They hardly mention those at all.

Instead they conclude that the U.S. should have surveilled more, locked down sooner (“We believe that on Jan. 28 the U.S. government should have started mobilizing for a possible COVID war”), directed more funds to this agency rather than that and centralized the response so that rogue states like South Dakota and Florida could not evade centralized authoritarian diktats next time.

The authors propose a series of lessons that are anodyne, bloodless and carefully crafted to be more-or-less true but ultimately structured to minimize the sheer radicalism and destructiveness of what they favored and did. The lessons are clichés such as we need “not just goals but road maps,” and next time we need more “situation awareness.”

There is no new information in the book that I could find, unless something is hidden therein that escaped my notice. It’s more interesting for what it does not say. Some words that never appear in the text: Sweden, ivermectin, ventilators, remdesivir and myocarditis.

‘Look, Lockdowns and Mandates Worked!’

Perhaps this gives you a sense of the book and its mission. And on matters of the lockdowns, readers are forced to endure claims such as “all of New England — Massachusetts, the city of Boston, Connecticut, Rhode Island, New Hampshire, Vermont, and Maine — seem to us to have done relatively well, including their ad hoc crisis management setups.”

Oh really! Boston destroyed thousands of small businesses and imposed vaccine passports, closed churches, persecuted people for holding house parties, and imposed travel restrictions. There is a reason why the authors don’t elaborate on such preposterous claims. They are simply unsustainable.

One amusing feature seems to me to be a foreshadowing of what is coming. They throw Anthony Fauci under the bus with sniffy dismissals: “Fauci was vulnerable to some attacks because he tried to cover the waterfront in briefing the press and public, stretching beyond his core expertise—and sometimes it showed.”

Ooooh, burn!

“Trump Was a Comorbidity”

This is very likely the future. At some point, Fauci will be scapegoated for the whole disaster. He will be assigned to take the fall for what is really the failure of the national security arm of the administrative bureaucracy, which in fact took charge of all rule-making from March 13, 2020, onward, along with their intellectual cheerleaders. The public health people were just there to provide cover.

Curious about the political bias of the book? It is summed up in this passing statement: “Trump was a comorbidity.”

Oh how highbrow! How clever! No political bias here!

Maybe this book by the Covid Crisis Group hopes to be the last word. This will never happen. We are only at the beginning of this. As the economic, social, cultural, and political problems mount, it will become impossible to ignore the incredibly obvious.

The masters of lockdowns are influential and well-connected but not even they can invent their own reality.

Tyler Durden Mon, 05/29/2023 - 16:00

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Pandemic babies’ developmental milestones: Not as bad as we feared, but not as good as before

Research findings are mostly reassuring for parents — despite the disruptions to nearly every aspect of life during the COVID-19 pandemic, most children…

Scientists and physicians raised concerns early in the pandemic that increased parental stress, COVID infections, reduced interactions with other babies and adults, and changes to health care may affect child development. (Shutterstock)

The COVID-19 pandemic created conditions that threatened children’s healthy development.

Scientists and physicians raised concerns early in the pandemic, pointing out that increased parental stress, COVID infections, reduced interactions with other babies and adults and changes to health care could affect child development. Furthermore, some children could be especially vulnerable to the pandemic circumstances.

With these concerns in mind, we started a longitudinal study of pregnant Canadians to understand how pandemic stressors might influence later child development.

Our initial findings were alarming: the rates of anxiety and depression among pregnant individuals were two to four times higher during the early phase of the pandemic compared to numerous pregnancy studies prior to the pandemic. This worrisome increase in mental health problems was seen worldwide.

Impact on children’s development

To determine how the pandemic might be affecting children’s development, we measured developmental milestones in 3,742 12-month-old infants born during the first 18 months of the pandemic. We then compared these infants to a similar group of 2,898 Canadian infants born between 2015 and 2018.

A pregnant woman and a doctor both wearing face masks in the doctor's office
Rates of anxiety and depression among pregnant individuals were two to four times higher during the early phase of the pandemic compared to numerous pregnancy studies prior to the pandemic. (Shutterstock)

The study evaluated developmental milestones using the Ages and Stages Questionnaire-3. The ASQ-3 is a parent report of child behaviour that can help identify children at risk of developmental delays in five separate domains: Communication, Gross Motor, Fine Motor, Personal-Social and Problem Solving.

In a study to be published in the Journal of Developmental and Behavioral Pediatrics, we found that most children born during the pandemic were doing fine, with almost 90 per cent meeting their key developmental milestones in each area. This should be reassuring for parents, caregivers and communities, because it suggests that most children are developing normally despite adverse early circumstances.

However, a slightly higher proportion of children born during the pandemic were at risk of developmental delay in Communication, Gross Motor and Personal-Social domains, compared to children born before the pandemic. Our findings are consistent with prior smaller studies showing only small increases in the risk for poor verbal, motor and cognitive performance among 12-month-old infants born during the pandemic.

A woman smiling and playing with her baby in her lap
Engaging an infant in conversation or song (even a pre-verbal infant) is a powerful way to encourage language learning. (Shutterstock)

The largest effects we observed were in the Communication and Personal-Social domains. Infants born during the pandemic were almost twice as likely to score below cutoffs compared to pre-pandemic infants.

This represents an increase of about one to two additional children in 100 who are at risk, but highlights some potentially concerning effects of the pandemic on early child development. Across Canada, this could result in service demands for 20,000-40,000 additional preschool children.

Although small in absolute terms, these increases have important implications, since already limited resources will need to increase to meet the needs of more children. Certainly, it will be important to continue monitoring infants/children born during the pandemic to determine how long-lasting these effects are.

Reassuringly, early interventions can be highly effective for children who are struggling.

Concerns about child development

A smiling baby crawling towards the camera in the foreground, and a young man smiling in the background
Provide your child with many opportunities for one-on-one interaction with a caring and responsive adult. (Shutterstock)

Parents should be mostly reassured by these findings. Despite the disruptions to nearly every aspect of life during the pandemic, the majority of children continue to show healthy development. Parents with concerns about their child’s development may find these suggestions helpful:

  1. Provide your child with many opportunities for one-on-one interaction with a caring and responsive adult. The Harvard Center on the Developing Child describes the back-and-forth interactions that form the key processes of child development as “serve and return.”

  2. Believe in “ordinary magic.” This is the phrase that child development expert Ann Masten uses to describe how resilience emerges from ordinary, everyday processes and interactions. Children develop resilience when they have access to the right environments, the right relationships and the right chances to be able to safely explore themselves and the world around them.

  3. Talk and sing with your child. Engaging an infant in conversation or song (even a pre-verbal infant) is a powerful way to encourage language learning.

  4. There is a wide range of development that is considered “normal.” It is okay for your child to be at a different stage than other children their age, as long as your child is still showing signs of development.

  5. If you are concerned about your child’s development after some time of monitoring, discuss your concerns with a qualified health professional to determine if further investigation is needed.

Overall, the findings of our study (and others) suggest that the effects of the pandemic on infant development (at least to one year of age) have not been as bad as we feared. However, a greater number of children will likely require further evaluation and support compared to pre-pandemic.

Gerald Giesbrecht receives funding from the Canadian Institutes of Health Research (CIHR) and the Alberta Children's Hospital Foundation.

Catherine Lebel receives funding from the Canadian Institutes of Health Research (CIHR), the Natural Sciences and Engineering Research Council (NSERC), Brain Canada, the Azrieli Foundation, Alberta Children's Hospital Foundation, and the Canada Research Chairs program.

Lianne Tomfohr-Madsen receives funding from the Canadian Institutes of Health Research (CIHR), the Social Sciences and Humanities Research Council (SSHRC), Brain Canada, Calgary Health Trust, the Alberta Children's Hospital Foundation and the Weston Foundation.

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